In February 2018, we signed an agreement with Wendel Energy Operations in California to structure a debt facility to finance the repowering of their existing geothermal plant. Then, in July 2020, we acquired the project.
The Wendel site has been active for more than 30 years, with a stable level of water flow and temperature. The plant is expected to be commissioned during the second half of 2021. The newly generated electricity will then be sold into the transmission network. In addition, three land lease agreements have been signed in Nevada, where there is great potential for new geothermal projects.
We have also signed an LOI with the Chevron Technology Ventures to build a pilot project on one of Chevron’s oil wells.